Molson Coors (TAP) PT Raised to $75 at Guggenheim

July 29, 2021 6:10 PM EDT
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Price: $45.52 -1.85%

Rating Summary:
    9 Buy, 15 Hold, 6 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 14 | New: 24
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Guggenheim analyst Laurent Grandet raised the price target on Molson Coors (NYSE: TAP) to $75.00 (from $73.00) while maintaining a Buy rating.

The analyst commented, "Molson Coors reported a strong 2Q with organic sales growth of 15.3% driven by improved results in Europe from the on-premise reopening and EPS of $1.58. However, the company did not raise its annual guidance targets, which we interpret more as a sign of prudence given the still-volatile operating environment with the ongoing threat of Delta variant spread in the US and Europe. We remain BUY-rated given the underlying growth acceleration, successful execution of the revitalization plan including a sharper focus on premium brands, confirmed reinstatement of the dividend in 2H, and the favorable risk-reward. We are changing our EPS estimates in FY21 / FY22 / FY23 to $4.22 / $4.86 / $5.24 (prev $4.25 / $4.88 / $5.26) and changing our price target to $75 (prev $73) due primarily to a reduction in net debt."

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Guggenheim, Laurent Grandet